Studied by 18 people
Human Resources management
the process that makes sure the business employs the correct number of skilled employees to produce and deliver its products.
finance and accounts
processes ensure that the business has enough money to carry out its business activity over time
marketing
involves the process of selling the right product, at the right price, at the right time, to the right customers.
operations
how this core activity is carried out. Operations must plan how and in what quantity goods and services are to be produced.
inputs
all the resources needed to create a product. These resources belong to one of three categories:
physical
financial
human
processes
combine their inputs in different ways to produce products. sometimes called business functions.
output
Goods are tangible, meaning they have physical characteristics and can be measured.
Services are intangible, meaning they cannot be touched or described by physical characteristics.
feedback
happen when the output of a system becomes an input to the same system.
negative feedback
occurs when the output feeds back into the inputs in a way that moves the system in the opposite direction.
positive feedback
It moves systems and processes in the same direction.
stakeholders
any individual or group that affects or is affected by, an organization
ethics
meeting the need of the present without compromising the ability of future generations to meet their own needs
entrepreneur
a person that organizes human, physical, and financial resources to start a business
ecological ceiling/planetary boundaries
limits of planetary systems; the outer ring of the Doughnut Economics model.
social foundation
obvious needs such as food, water, and housing. But there are also needs related to social interactions such as human networks, social equity, political voice, and work.
economy
A system for producing and provisioning or distributing goods and services among a group of people
systems and groups of people that distribute goods
households, states, commons, and markets
sectors of economy
primary, secondary, tertiary, and quaternary
primary sector
the extraction, or production, of raw materials from the Earth.
secondary sector
manufacturing and processing, where raw materials are made into products for sale.
tertiary sector
any business that sells a service (includes businesses that sell clothing and food, as well as education, healthcare, legal services, travel and transportation.)
quaternary sector
refers to services that focus on knowledge (khan academy)
supply chain
The steps involved in creating finished goods.
integrated business
A business whose activities span two or more sectors.
outsourced
When a business takes an internal function and has it performed externally by another person or business. (apple)
a business has a good chance of success with
there is a skilled and collaborative team of employees in place; there is enough funding to run the business ;the marketing has been researched well; and the operations are efficient and resilient.
work of entrepreneurs and other change makers
understanding communities and their problems; designing and planning solutions; taking action; and sharing and growing actions and ideas to increase impact.
intrapreneur
A person who develops new ideas, processes or products for a business in which they already work.
reasons for starting a business
new idea, passion for change, market need, earning a living, financial reward, work-life balance, control
challenges of starting a business
lack of funds, competition, small market, unskilled workers, poor management, external changes/shockss
steps to begin a business
refine the idea, business plan, legal structure, register, localise, hire, and get funding.
swot
a simple tool for a business to analyse its internal strengths and weaknesses, and external opportunities and threats.
steeple
sociocultural, technological, economic, enviornmental, political, legal, and ethical
sociocultural factors
all the social and cultural characteristics of a region or country.
technological factors
The state of current technology will affect what products a business offers its customers.
economic factors
Countries and regions have different economic conditions that will affect the demand for goods and services.
enviornmental factors
Many businesses rely on natural resources as inputs and changes in the natural environment can have a large impact on businesses
political factors
Political parties have different ideas about how much government regulation there should be of businesses.
legal factors
Businesses must follow all laws and regulations. These laws may be made at a national, regional, or local level.
ethical factors
Business activity should serve human needs and respect the health of the planet. Many businesses, however, have conflicts between the goals of business growth and profit and their social and/or environmental responsibilities.
business plan
a tool used to describe a business
primary research
Research (in a market) that involves creating new information that is gathered through surveys, interviews, observations, focus groups, camera studies or other methods.
quantitative data
Information that can be counted and has a numerical value.
qualitative data
Non-numerical data that describes qualities or characteristics.
elements of a business plan
why, how, what
factors of production
land, labour, enterprise, and capital
products
goods, consumer goods, capital goods, services
business functions
human resource management, finance and accounts, marketing, and operations management
Note 
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